Bank Owned1305 Mormac Rd
Richmond, VA 23229, Henrico County
4
Beds
2
Baths
2,228
Sq. Feet
Opening Bid
$175,000
Bank Owned
1305 Mormac RdRichmond, VA 23229, Henrico County
18,629 Views
Save4 Beds2 Baths2,228 Sq. Ft.
For Sale
Price Insights
Opening Bid
$175,000
Online Auction
Auction Starts In
4d 16h
Duration
Property Details
Beds
4
Baths
2
Square Footage
2,228
Lot Size (Acres)
0.26
Property Type
Single Family...
Year Built
1959
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Market Analysis
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Due Diligence
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Learn how to perform due diligence.
Review Property Information
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Examine Title and Liens
Preliminary reports are provided for reference. Seek a professional for a full evaluation.
Review Purchase Agreement
Details of the Seller's terms and conditions, and your rights as the buyer.
Prepare Your Finances
Cash is the accepted payment. In some cases, hard money loans and lines of credit are accepted. See purchase documents for details. Why?
You'll need proof of funds within 48 hours of winning the auction.
Conventional financing cannot be used to buy this property.
Top FAQs
Will I be able to inspect the property before I bid?
Typically, no. Many properties will be sold "as is, where is," with all faults and limitations. You'll need to estimate any renovation costs from a distance. Even if you believe the home is vacant, treat it as occupied. These homes have not transferred ownership yet and walking on or entering the property is trespassing.
Does Auction.com have any more information on this property?
Like other real estate transactions, you should conduct careful due diligence before purchasing a property at auction. Common research items include local market value, property condition, and title report.
Please note, Auction.com is not the seller for any property made available online, and all information and photos to Auction.com have been made available on this page.
Will the property be free and clear of all liens?
Not necessarily. You should seek independent advice to perform your own due diligence and fully understand the foreclosure process and foreclosure sales in general. It is your responsibility to do a title search and seek any professional counsel before bidding.
Can I use financing to buy this property?
Typically, no. Be sure to check the property listing to see if financing is considered. Most properties on Auction.com are sold cash-only. That means you must pay the entire purchase amount by the closing date.
What happens if I am the winning bidder?
If you are the highest bidder at the end of an auction, here are your post-auction obligations:
- Contract Information: You'll receive an email confirming you have the highest bid. You will then need to provide important contracting information by filling out a form online. You can preview the required information on this form as a printable checklist. Make sure to submit the form within 1 business day.
- Purchase Agreement: Once everything is verified, the Purchase Agreement will be generated and you will need to sign and return the document for the seller to review and sign.
- Proof of Funds: You need to provide Auction.com a copy of your Proof of Funds by email within 2 business days.
- Earnest Money Deposit: Unless otherwise specified on your purchase agreement, you will need to send the Earnest Money Deposit to the closing company within 2 business days of receiving the transfer instructions. Send Auction.com a copy of your confirmation receipt within 1 business day of sending funds.
Transaction Details
- All bank-owned properties bought at auction are, "Subject to Seller Acceptance." Both buyer and seller must sign the purchase agreement for the bid to be considered accepted.
- Buyer will be assessed a $55 Document Generation paid at closing.
- Buyer cannot represent him/herself in a purchase and collect a broker commission, regardless if purchase is made as an individual or as part or whole owner of an entity.
- If you are the Winning Bidder, an Earnest Money Deposit of 5% of the Total Purchase Price or $2,500 (whichever is greater) is required.
- Buyer will receive a Special Warranty Deed or equivalent.
- Title fees typically cost between $500 and $1500 and are based on the purchase price. Escrow fees typically range between $850 to $1,375. These fees may vary based on the location of the property. These fees shall be paid in accordance with the applicable purchase sale agreement.
- Any delinquent HOA/COA assessments shall be paid in accordance with the applicable purchase sale agreement.
- Property is being offered as is, where is.
- Until the seller's reserve price is met, Auction.com may counter bid on behalf of the seller. Counter bidding gives buyers and sellers more flexibility to find a mutually agreeable price. Counter bids do not occur after the seller's reserve price is met. Learn more about reserve pricing.
Auctioneer Licensing Information
Auction.com, Inc. – License No. 0226020092 (RE Broker),
Lee Leslie – License No. 225094859 (RE Broker)
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